Authorities in Odisha Expose Cryptocurrency Scam Involving GBE Crypto Trading Company of Over INR 7.6 Million

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Investigation of the Crypto Scam
  2. Scammers' Tactics
  3. Account Freeze and Next Steps


    4. Authorities in Odisha, India, have exposed a large cryptocurrency scam that cheated investors out of over INR 7.6 million (around $90,604). The scam involved a fake crypto trading platform called GBE Crypto Trading Company.

    Investigation of the Crypto Scam

    According to [local reports](https://www.newindianexpress.com/states/odisha/2024/Aug/26/balangir-police-cracks-crypto-scam-nabs-four-from-rajasthan-for-rs-76-lakh-fraud), the name was intentionally designed to sound like GBE Brokers, a well-known brokerage firm based in Cyprus, to trick people into trusting the fake platform.

    Scammers' Tactics

    The scammers operated mainly through WhatsApp and Telegram, where they shared a fake trading app. To hide their identity, they used virtual phone numbers and VPN services, making it difficult for police to trace their activities. An investigation by the Cyber Police Station in Balangir, Odisha, discovered that the scammers had registered several fake domains pretending to be real trading platforms.

    Account Freeze and Next Steps

    Although it’s unclear if they directly impersonated GBE Brokers, their tactics were convincing enough to fool many investors. Superintendent of Police Rishikesh Khilari reported that more than 60 bank accounts linked to the scam have been frozen, and INR 85 lakhs (about $101,334) has been seized. The police are still investigating to recover more money and catch others involved.

    Authorities continue to work on uncovering and preventing such scams in the future to protect investors and create a safer financial environment.

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